Wheeler REIT to acquire Tennessee shopping center

Published October 14, 2014 by Robert Powell, III

Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has signed a contract to acquire a shopping center in Tennessee for $9.75 million.

The acquisition involves Crockett Square, a 107,122-square-foot retail center in Morristown, Tenn., a city of nearly 30,000 people. The property is totally leased by national retail chains such as Hobby Lobby, Dollar Tree, Pier 1 and Ross.

The shopping center, built in 2005, is near a Walmart store and is directly across the street from Walters State Community College, both of which generate traffic in the area.

The company plans to make the acquisition using a combination of cash and bank debt.